Small and medium sized business will have easier access to funding thanks to a new agreement signed between the European Investment Fund and Bank of Valletta.

The agreement will see a total of €60 million on offer to businesses over five years, with individual firms able to borrow up to €500,000 at low interest rates with reduced collateral.

In a statement, Deputy Prime Minister Louis Grech, who is leading the government’s SME initiative, yesterday said some 850 firms were eligible for financial support through the scheme.

The funds, he added, were meant to be used to finance the businesses’ future development and growth.

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